德州仪器公司(TI)发布2021年第四季度及2021年度财务业绩与股东回报

发布时间: GAAP,Cash,income,现金流,营业,Q4,taxes,我们,TI,assets
来源: 德州仪器

德州仪器公司(TI)(NASDAQ: TXN日前公布其第四季度财务报告,营业收入48.3亿美元,净收益21.4亿美元,每股收益2.27美元。其中,每股收益包含未涵盖在公司原始计划的4美分。

关于公司业绩及股东回报,TI董事长、总裁兼首席执行官Rich Templeton作如下说明:

  • “由于汽车市场和工业市场需求的强劲增长,收入同比上涨19%,模拟产品营收同比增长20%,嵌入式处理器营收同比增长6%。
  • “过去1年中,经营现金流达88亿美元,再次体现了公司商业模式的优势。其中自由现金流在过去一年中达63亿美元,占营业收入的34%。这体现了我们高质量的产品组合,以及高效的制造策略,其中包括300毫米(12英寸)模拟产品的生产优势。
  • “2021年,通过股票回购和分派股息给股东的回报达44亿美元。其中,分派股息占自由现金流的62%,体现了其可持续性。股票回购和股息体现了我们将所有自由现金流回报给股东的一贯承诺。
  • “德州仪器对2022年一季度的预期是:营业收入在45亿美元至49亿美元之间,每股收益范围在2.01美元至2.29美元之间。2022年,我们的年度营业税率预期为14%。”

自由现金流为非GAAP财务衡量指标。自由现金流指的是经营活动产生的现金流减去资本支出后的所余现金。

盈利摘要

单位为百万美元,每股收益除外。

 

Q4 2021

 

Q4 2020

 

变化

营业收入           

$

4,832

     

$

 4,076

    

19%

营业利润

$

2,503

 

$

 1,813

 

38%

净收入

$

2,138

 

$

 1,688

 

27%

每股收益

$

 2.27

 

$

  1.80

 

26%

 

现金流量

单位为百万美元。

 

 

 

最近连续12个月

 

Q4 2021

    

Q4 2021

 

Q4 2020

 

 变化

经营现金流                                                    

$

2,357

             

$

8,758

 

           $

6,139

 

        43%

资本支出

$

1,282

 

$

2,462

 

           $

649

 

        279%

自由现金流

$

1,075

 

$

6,294

 

           $

5,490

 

        15%

自由现金流占营业收入百分比

 

 

34.3%

 

           38%

 

 

 

现金回报

单位为百万美元。 

 

 

 

 

最近连续12个月

 

      

Q4 2021

      

Q4 2021 

      

Q4 2020

      

变化

分派股息

 

$

1,062

 

$

3,886

 

$

3,426

 

13%

股票回购

 

$

142

 

$

527

 

$

2,553

 

(79)%

总现金回报

 

$

1,204

 

$

4,413

 

$

5,979

 

(26)%

 

TEXAS INSTRUMENTS INCORPORATED AND SUBSIDIARIES

 

Consolidated Statements of Income

 

For Three Months Ended

December 31,

 

For Years Ended

December 31,

(In millions, except per-share amounts)

 

2021

 

2020

 

2021

 

2020

Revenue

 

$  4,832

 

$     4,076

 

$  18,344

 

$   14,461

Cost of revenue (COR)

 

1,482

 

1,430

 

5,968

 

5,192

Gross profit

 

3,350

 

2,646

 

12,376

 

9,269

Research and development (R&D)

 

389

 

388

 

1,554

 

1,530

Selling, general and administrative (SG&A)

 

404

 

398

 

1,666

 

1,623

Acquisition charges

 

 

47

 

142

 

198

Restructuring charges/other

 

54

 

 

54

 

24

Operating profit

 

2,503

 

1,813

 

8,960

 

5,894

Other income (expense), net (OI&E)

 

9

 

162

 

143

 

313

Interest and debt expense

 

49

 

48

 

184

 

190

Income before income taxes

 

2,463

 

1,927

 

8,919

 

6,017

Provision for income taxes

 

325

 

239

 

1,150

 

422

Net income

 

$    2,138

 

$     1,688

 

$    7,769

 

$     5,595

                 

Diluted earnings per common share

 

$      2.27

 

$       1.80

 

$      8.26

 

$       5.97

                 

Average shares outstanding:

               

Basic

 

924

 

919

 

923

 

921

Diluted

 

936

 

932

 

936

 

933

                 

Cash dividends declared per common share

 

$      1.15

 

$       1.02

 

$      4.21

 

$       3.72

Supplemental Information

 

         

 

Our annual operating tax rate, which does not include discrete tax items, was 14% in both periods.

 

                 

Provision for income taxes is based on the following:

       

 

                 

Operating taxes (calculated using the estimated annual effective tax rate)

 

$  346

 

 $  272

 

 $1,280

 

  $  833

Discrete tax items

 

(21)

 

(33)

 

(130)

 

(411)

Provision for income taxes (effective taxes)

 

$  325

 

$  239

 

$ 1,150

 

$  422

                 

A portion of net income is allocated to unvested restricted stock units (RSUs) on which we pay dividend equivalents. Diluted EPS is calculated using the following:

 

                 

Net income

 

$2,138

 

 $1,688

 

$ 7,769

 

   $5,595

Income allocated to RSUs

 

(9)

 

(8)

 

(33)

 

(27)

Income allocated to common stock for diluted EPS

 

$2,129

 

$ 1,680

 

$ 7,736

 

$ 5,568

                         

TEXAS INSTRUMENTS INCORPORATED AND SUBSIDIARIES

 

Consolidated Balance Sheets

 

December 31,

(In millions, except par value)

 

2021

 

2020

Assets

       

Current assets:

       

Cash and cash equivalents

 

$  4,631

 

$   3,107

Short-term investments

 

5,108

 

3,461

Accounts receivable, net of allowances of ($8) and ($11)

 

1,701

 

1,414

Raw materials

 

245

 

180

Work in process

 

1,067

 

964

Finished goods

 

598

 

811

Inventories

 

1,910

 

1,955

Prepaid expenses and other current assets

 

335

 

302

Total current assets

 

13,685

 

10,239

Property, plant and equipment at cost

 

7,858

 

5,781

Accumulated depreciation

 

(2,717)

 

(2,512)

Property, plant and equipment

 

5,141

 

3,269

Goodwill

 

4,362

 

4,362

Deferred tax assets

 

263

 

343

Capitalized software licenses

 

85

 

122

Overfunded retirement plans

 

392

 

246

Other long-term assets

 

748

 

770

Total assets

 

$24,676

 

$19,351

         

Liabilities and stockholders’ equity

       

Current liabilities:

     

 

Current portion of long-term debt

 

$     500

 

$      550

Accounts payable

 

653

 

415

Accrued compensation

 

775

 

767

Income taxes payable

 

121

 

134

Accrued expenses and other liabilities

 

520

 

524

Total current liabilities

 

2,569

 

2,390

Long-term debt

 

7,241

 

6,248

Underfunded retirement plans

 

79

 

131

Deferred tax liabilities

 

87

 

90

Other long-term liabilities

 

1,367

 

1,305

Total liabilities

 

11,343

 

10,164

Stockholders’ equity:

       

Preferred stock, $25 par value. Shares authorized – 10; none issued

 

 

Common stock, $1 par value. Shares authorized – 2,400; shares issued – 1,741

 

1,741

 

1,741

Paid-in capital

 

2,630

 

2,333

Retained earnings

 

45,919

 

42,051

Treasury common stock at cost

       

Shares: 2021 – 817; 2020 – 821

 

(36,800)

 

(36,578)

Accumulated other comprehensive income (loss), net of taxes (AOCI)

 

(157)

 

(360)

Total stockholders’ equity

 

13,333

 

9,187

Total liabilities and stockholders’ equity

 

$24,676

 

$19,351

 

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TEXAS INSTRUMENTS INCORPORATED AND SUBSIDIARIES

 

Consolidated Statements of Cash Flows

 

For Three Months Ended

December 31,

 

For Years Ended

December 31,

(In millions)

 

2021

 

2020

 

2021

 

2020

Cash flows from operating activities

               

Net income

 

$   2,138

 

$  1,688

 

$  7,769

 

$     5,595

Adjustments to net income:

               

Depreciation

 

200

 

180

 

755

 

733

Amortization of acquisition-related intangibles

 

 

47

 

142

 

198

Amortization of capitalized software

 

13

 

16

 

57

 

61

Stock compensation

 

50

 

42

 

230

 

224

Gains on sales of assets

 

(50)

 

(1)

 

(57)

 

(4)

Deferred taxes

 

(4)

 

(22)

 

15

 

(137)

Increase (decrease) from changes in:

               

Accounts receivable

 

(48)

 

(22)

 

(287)

 

(340)

Inventories

 

(47)

 

117

 

45

 

46

Prepaid expenses and other current assets

 

(42)

 

(79)

 

57

 

(79)

Accounts payable and accrued expenses

 

(54)

 

3

 

33

 

63

Accrued compensation

 

110

 

111

 

7

 

63

Income taxes payable

 

34

 

135

 

(20)

 

(181)

Changes in funded status of retirement plans

 

14

 

(25)

 

62

 

(9)

Other

 

43

 

(65)

 

(52)

 

(94)

Cash flows from operating activities

 

2,357

 

2,125

 

8,756

 

6,139